Oh dear, I hope PJ doesn't do such an awful hatchet-job of the Hobbit as he did with LoTR. I really wanted to like the LoTR movies (in fact I do like the feel of them in parts, and they look great), but the plots became increasingly bad as the series progressed. I don't think that movies should be the same as books, but plot changes should add something to the mix (and make sense). A lot of PJs changes were pointless and jar badly.

It's also hard to see how two movies could be justified for the Hobbit without entering into territory for which New Line does not have the rights or PJ/FW simply making stuff up.